Have you jumped on the cryptocurrency rollercoaster? Even if you’re not on the ride, chances are you’ve been a spectator. At its inception in 2008, Bitcoin — the first and most prominent cryptocurrency — was created as “a peer-to-peer electronic cash system.” Before this, no one thought that creating a decentralized currency was possible, but here we are ten years later, debating whether cryptocurrency has the potential to be the money of the future.

To discuss the future of cryptocurrency, PluggedIn BD assembled a collection of industry leaders in our latest panel. A volatile market and unrelenting publicity have thrust cryptocurrency into the spotlight, making this the perfect time for us to ask what the experts see for the future of this so-called “21st-century unicorn.”

1. Regulation

Perhaps the most popular theme of the discussion was regulation. As one participant quipped, “2018 is the year of regulation.” For a while, some believed that this was something that couldn’t be regulated, but the last few months have proved that is certainly not the case. Even as the regulatory “turf war” between government departments heats up and chaos ensues within the market, many agree that this is what is needed to steer the industry in the right direction.

With regulation, there will be a focus on the fundamentals — looking at what a business is doing, how it will be sustainable and how to go to market with coins and tokens. It will force many to adopt more traditional business models. Jamie Rakover of Investing.com also argues that once the industry is broken down from the very broad definition it holds today, it will become easier to regulate. As for accomplishing this all in one year? Most are skeptical but feel the government sees the importance in the advancement of this industry.

2. Leadership

The world of cryptocurrency and blockchain has been described as the “Wild West” by some. It’s an industry with potentially game-changing technology and very few products. Which is why there is a great need for entrepreneurs — a need for the Elon Musks and Mark Zuckerbergs of the world to start building products and services designed around the technology. It is starving for real business cases. Having leadership and figureheads in the space will bring the credibility, accessibility, and understanding that it is currently lacking.

3. Education

Another consensus from our discussion was that a large majority of people throwing money at cryptocurrency know very little about it. A sense of comfortability needs to be established in both understanding the technology, how to value it, and its inherent liability. Improved education inevitably means that the industry will be met with more questions and concerns and a decrease in “hype,” but the balance is needed to move forward successfully. Regulation and the evolution of products will help with education, but ultimately, it is up to the investors to do their homework and truly understand the technology.

The next year will be pivotal for cryptocurrency and whether or not it is sustainable. As one participant summarized, “if the emphasis continues to focus on trading over technology, the market won’t survive long term.” For now, only time will tell.

What do you think is needed for cryptocurrency to succeed?

Roundtable Participants

Hydrogen: Mike Kane, Co-Founder

Aquiline Capital Partners: Cole Riccardi, Investor

Investing.com: Jamie Rakover, VP of Business Development

CoinDesk: Kevin Worth, CEO

Sullivan & Worcester LLP: Joel Telpner, Partner

Afro Altcoin Group: Slayton Underwood, Founder

Impera Strategy: Tristan Thoma, Founder

Top Ledger: Rita Golub, Founder

Traction & Scale: Richie Hecker, CEO